Two big names in the Swiss financial world renewed concerns over euro instability and the value of the Swiss franc in the Sunday press.
Former UBS CEO Oswald Grübel said the Swiss National Bank’s minimum exchange rate to the euro of CHF 1.20 could cause “considerable damage” to the Swiss economy.
Grübel shared his thoughts in a column for Der Sonntag newspaper, saying defending the exchange rate means Switzerland is indirectly taking over euro bloc debt, which an economy of this size cannot absorb without damage.
In the NZZ am Sonntag newspaper the head of business lobby economiesuisse said every eurozone instability was an additional burden for the minimum exchange rate.
Gerold Bührer said Swiss politicians needed to fully support the SNB so the central bank needed less ammunition to defend the CHF 1.20 exchange rate.